Shareholders of Zenith Bank Plc approved the proposed final dividend payment of N3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of NGN125.59 billion, which is the highest dividend payout by any bank.
The bank said in a statement that the approval was given at the 33rd annual general meeting held in Lagos yesterday.
The statement quoted the chairman and founder of the bank, Mr Jim Ovia as thanking the shareholders for their unflinching support and loyalty to the brand.
Also speaking, the GMDCEO, Dr. Ebenezer Onyeagwu, said as he was preparing to leave after serving out his tenure, he was confident in the bank’s trajectory under the leadership of his successor, Mrs Adaora Umeoji.
He thanked the chairman, board, shareholders, staff and customers for their steadfast support throughout his tenure and prayed them to extend the same level of support to his successor.
It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success,” he added.
Speaking on the dividend payout, the national coordinator of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year.
“We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank. Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 annual general meeting amounts to N4.00— the highest in the banking sector to date.
“We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a holding company, will be even more promising for Zenith,” she said.
For his part, the president of the Association of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said: “The bank has performed exceptionally well, particularly in terms of succession planning.
“It’s encouraging to see the new managing director promoted from within, reinforcing our belief in the bank’s leadership development.
“This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank,” he declared.
For the president of the Shareholders Solidarity Association of Nigeria, Mr Timothy Adesiyan, the bank’s management had been consistent in delivering value to shareholders.
“The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations.
“This growth is further supported by our adherence to strict corporate governance principles.
“The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness.
As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised,” he noted.
In spite of the challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion in the previous year to N2.132 trillion in 2023.
This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income.
Customer deposits grew by 69%, reflecting the bank’s market leadership and customers’ trust. Operating expenses grew by 32% YoY. Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits
In 2024, Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.
